Supervisor Nohe: Economic Outlook Is Bright

Prince William County Supervisor Martin E. Nohe says in his February newsletter that the county experienced near-record rates of announced investment during 2010, and it was ranked by CNN Money as No. 1 in the DC Metro area for job growth during the previous decade.

He said unemployment rates in the county held steady and well below the national average. While job growth continued at a pace slower than historical trends, job creation rebounded to its highest level since 2006.

"Indeed, we are clearly emerging from the economic downturn," he said. "However, the residual effects of this downturn remain in place and we need to be mindful of, and prepared for, potential challenges to growth that continue to be expressed."

He said county officials are trying to reverse the decision by Covance Inc. to not build a 400,000-square-foot building at the Innovation Technology Park because of the current economic climate. Covance is a biotech research company that decided late last year that the economy wasn't strong enough for it to build the $175 million lab in Manassas at the Innovation Technology Park. The company also closed in Vienna to save $40 million, according to the Washington Business Journal. This is the second business to change its mind about building at the struggling technology park.

Noe said interest in Potomac Communities along the I-95 corridor remains strong. He said the NAIOP “BRAC Attack” Bus Tour brought 200 Realtors to that area to show clients potential military-related projects that could be stationed there.  The NAIOP is a leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate, according to its website.

"The announcement of over $270 million of data center expansions in western Prince William, plus emerging land sales, including at Innovation Technology Park, are indicative of this upward trend," he said.

He said to help foster a strong business climate in the county the Board of Supervisors created the Economic Development Alliance that is designed to advise the county board on economic development policy.